I would second 'muffler tape' if it can be wound around the pipe satisfactorily. Cost is very low, and if it doesn't work, little lost..... Good luck!
I used muffler tape on an 84 Prelude. Bought me nearly a year before I ended up having everything from the cat back replaced. During that time I had to rewrap the bad spot once. It'll definitely get you by for a while and is quite cheap. It'll cut the sound to reasonable levels.